If you are someone who has had credit problems in the past, you already understand how difficult it can be to rebuild your credit. The hardest part of the credit building process can be securing new credit accounts.
Enter the Capital One Platinum credit card. This Capital One unsecured credit card has higher chances of approval for those with an acceptable to good credit score. However, this card may not be ideal for everyone, even those with lower credit scores. Here’s more information on who should get the Capital One Platinum credit card.
What does the Capital One Platinum card offer?
- Reward rate: Nothing
- Welcome offer: Nothing
- Annual subscription: $0
- Introductory purchase APR: N / A
- Intro Balance Transfer APR: N / A
- Regular APR: Variable APR of 26.99%
As you can see, there aren’t a lot of bells and whistles, like a welcome bonus or any kind of rewards. However, the value of this card is more about what it can help you do (create credit), as opposed to what it can give you (cash back). In this case, the card helps you build or rebuild your credit if you start with a lower credit score.
Additional Card Benefits
Lower credit scores are welcome
One of the main draws of this card is your higher approval rating with a lower credit score. You can be approved with this card even if you have fair to good credit (580 to 740). Additionally, the Capital One Platinum credit card allows potential customers to be pre-approved without extensive investigation of their credit reports.
Although you start with a lower credit limit, the good news is that Capital One offers automatic line of credit reviews with a minimum of six months of on-time payments. A higher credit limit can help lower your credit utilization ratio, which positively impacts your credit score.
Unlike many credit products, this card has virtually no fees. There are no annual fees, foreign transaction fees, or security deposits since this is an unsecured credit card. As long as you don’t have a balance, you can also avoid interest charges. The variable APR of 26.99 for this card can cause your interest charges to rise quickly. Therefore, paying off your balance each month will keep the cost of card ownership low.
Credit establishment, monitoring and protection functions
The fact that you can get this card with a lower credit score means you’re already dealing with a card that works to preserve and increase your credit score. Capital One cards also allow cardholders access to its CreditWise program, which offers free credit score and score monitoring.
Plus, the Capital One Platinum card gives you emergency replacement cards, $0 fraud liability coverage, virtual card numbers from Eno, and security alerts that help you spot fraudulent transactions. made with your card.
The Capital One Platinum Card offers extended warranty protection on eligible items that come with a manufacturer’s warranty when you pay with your credit card.
Who should get the Capital One Platinum Card?
This card is ideal for someone who wants to build their credit, whether you are new to credit or have bad credit due to certain life circumstances. In fact, even if you’ve defaulted on a loan within the past five years, the Capital One Platinum Card will still consider your request.
Whether you’ve already passed the test with a secured credit card or want to start your credit journey with an unsecured credit card, the Capital One Platinum should be an important consideration. This card features many lenient standards in the application process and facilitates credit building through automatic account reviews and credit monitoring benefits.
Who shouldn’t get the Capital One Platinum card?
If your credit score is below 580, you may not qualify for this card. In this case, you will get a secured credit card like the Capital One Secured Platinum card. The good thing about this card is that you can start with a deposit as low as $200. Then Capital One will review your account in six months, at which time you may be eligible for an upgrade to the unsecured version of the card: the Capital One Platinum Card.
If your credit score is above 740, you will pass this card. As a “primary borrower”, it would be best to get a Capital One card that allows you to earn rewards on your credit card spending. You can opt for a travel card like the Capital One Venture X Rewards credit card or a cash back card like the Capital One Quicksilver Cash Rewards credit card.
The bottom line
No, this card is not a glamorous travel credit card or a profitable cash back credit card. But it works well for the demographic it was designed for: subprime borrowers. Although this market segment has been stigmatized in the past, more and more issuers are offering respectable credit products to help people progress to better credit scores.
The Capital One Platinum is a great example of a card that not only makes it easier for “low profile” applicants to get a credit card, but also helps them improve their overall credit and financial habits. If you fall into this category, the Capital One Platinum Card might be exactly what you’re looking for.